Ebix Accounting ‘Unreliable’, Tax Strategy ‘Sham’: Research Firm

EBIX In a report on Ebix Inc (NASDAQ:EBIX) embedded below analysts at Research firm Gotham City discuss why they believe:

  • Ebix Inc (NASDAQ:EBIX)’s Accounting is Unreliable, Inaccurate, and Incomplete (there’s a large undisclosed related party loan, for starters)
  • Their Stated Tax Strategy is a Sham in Fact or Sham in Substance
  • Ebix’s Stock Deserves to be Halted, until the SEC filings are Reliable, Accurate, and Complete (e.g., the 2010 & 2011 10Ks were submitted before the Singapore subsidiary’s 2010 financial statements were signed off)
  • Shares are Worth No More Than $5 (shares closed yesterday at $19.07)
  • The Robin Raina Foundation’s IRS Filings Are Not Reliable, Accurate, or Complete

Ebix Inc (NASDAQ:EBIX) very much reminds us of Lernout & Hauspie, Aremisoft, and other epic software frauds, the research firm states.

“We’re more Catholic than the Pope.” – (Former) co-Chairman Jo Lernout, of Lernout & Hauspie, September, 25 2000
“Ebix stands for integrity, in every form and fashion.” – CEO & Chairman Robin Raina, of Ebix, Inc., April 1, 2011
ValueWalk has spoken to a famous short seller who has informed us that Gotham City Research is a legitimate short firm. Whether their analysis is correct is up to investors to decide. Gotham City Research has issued a 46 page report related to Ebix Inc (NASDAQ:EBIX)’s accounting and taxes. The full document on Ebix Inc (NASDAQ:EBIX) can be viewed below in scribd:

The Truth About Ebix Accounting Taxes by